Number of pages: 100 | Report Format: PDF | Published date: April 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global percutaneous transluminal angioplasty balloons market was valued at US$ 2.08 billion in 2022 and is expected to register a revenue CAGR of 5.5% to reach US$ 3.38 billion by 2031.
Percutaneous Transluminal Angioplasty Balloons Market Fundamentals
Percutaneous transluminal angioplasty (PTA) is a minimally invasive medical procedure used to treat cardiovascular conditions such as atherosclerosis, peripheral artery disease, and coronary artery disease. Percutaneous transluminal angioplasty balloons dilate or open blocked and narrowed blood arteries, improving blood flow. Percutaneous transluminal angioplasty balloon has numerous benefits over conventional surgical methods, making it a commonly accepted treatment for cardiovascular disorders. Due to the small incisions and typical lack of general anesthesia, it is less invasive. Many patients with cardiovascular illnesses prefer using percutaneous transluminal angioplasty balloons over open-heart surgery due to its short recovery period and lower risk of complications. This reduces the possibility of problems and enables a quicker recovery. Percutaneous transluminal angioplasty is frequently carried out as an outpatient surgery, which is more convenient for patients and can lower healthcare expenditures. Percutaneous transluminal angioplasty balloons are currently an option for individuals with multi-vessel coronary disease, coronary occlusions, or myocardial infarction. Technology advancements like steerable guidewire devices have increased success rates and made it possible to enlarge even tortuous arteries with severe lesions.
Additionally, the rate of restenosis and the requirement for additional surgeries have been lowered by the invention of drug-eluting balloons. These improvements have improved the safety and efficacy of percutaneous transluminal angioplasty for people with coronary artery disease. However, it might not be appropriate in every situation and should be assessed by a medical expert.
Percutaneous Transluminal Angioplasty Balloons Market Dynamics
The market revenue is growing due to the expansion of treatment options for cardiovascular diseases such as peripheral artery disease (PAD), which may need surgery depending on the severity of the problem. Additionally, the percutaneous transluminal angioplasty balloons market revenue is increasing due to the increased frequency of cardiovascular diseases brought on by sedentary lifestyles and poor eating practices. This has increased the demand for treatments for novel and efficient peripheral artery disease and other cardiovascular problems. Since cardiovascular disease is an age-related condition, individuals aged sixty-five and older have a higher prevalence rate of more than 10% in acquiring severe heart problems. Thus, an additional element influencing the percutaneous transluminal angioplasty balloons market revenue share is the growing geriatric population. Moreover, the market revenue is growing due to rising public awareness of disease prevention, early detection, and treatment. Technological advancements in percutaneous transluminal angioplasty balloons, such as scoring balloons and drug-coated balloons, have further boosted its efficacy and safety, making it a well-liked minimally invasive therapy that improves the choice among patients and healthcare professionals.
Furthermore, percutaneous transluminal coronary angioplasty is nowadays combined with other operations, such as using a percutaneous transluminal balloon angioplasty stent, contributing to the overall market revenue growth. These are proven to be more beneficial in treating patients with artery blockages and have greater positive results. This has enhanced its standing as a crucial therapy choice for peripheral artery disease. The shorter hospital stays, quicker recovery, and lower risk of problems make minimally invasive procedures more popular among patients. Patients can also resume their regular routines sooner, which lessens the disturbance caused by the percutaneous transluminal angioplasty procedure. Modern percutaneous transluminal angioplasty balloons are simple to use and function well. The precise and robust design of these balloons contributes to better patient outcomes and shorter operation times. Research and development of new and enhanced percutaneous transluminal angioplasty balloons support the industry trends of percutaneous transluminal angioplasty balloons. Additionally, it is anticipated that the increased usage of technologically sophisticated cardiac catheter-based balloons and the rising prevalence of cardiovascular disorders would further drive the percutaneous transluminal angioplasty balloons market revenue growth. Additionally, the market for cardiac diagnostic catheters is expected to grow due to favorable reimbursement policies and rising healthcare costs.
However, numerous drawbacks are associated with employing percutaneous transluminal angioplasty balloons, including difficulties during the treatment and a shortage of qualified personnel. As a result of these complications, patients may turn to other therapies that are thought to be safer and more efficient, which could diminish the percutaneous transluminal angioplasty balloons market demand.
Percutaneous Transluminal Angioplasty Balloons Market Ecosystem
The global percutaneous transluminal angioplasty balloons market is analyzed from four perspectives: type, application, end-user, and region.
Percutaneous Transluminal Angioplasty Balloons Market by Type
Based on the type, the global percutaneous transluminal angioplasty balloons market is segmented into standard balloons, cutting/scoring balloons, drug eluting balloons, lithotripsy balloons, and others.
The standard balloons segment accounted for the largest revenue share of the global percutaneous transluminal angioplasty balloons market 2022. Standard balloons are the most commonly used types of balloons used in angioplasty. They are extensively utilized for various purposes, including treating cardiovascular illnesses and diseases of the peripheral and coronary arteries. Standard balloons are often less expensive than other types of angioplasty balloons, like cutting and scoring balloons, which can be more expensive because of their unique manufacture and design procedures. Moreover, there is a long history of success and safety using conventional balloons to treat various cardiovascular conditions. This has helped them become widely used in clinical settings.
However, standard balloons do not expand consistently because they are composed of non-compliant materials, which can harm blood vessels. Newer styles of balloons have been created using compliant materials that offer more uniform expansion and lower the danger of vessel damage to address this problem.
Percutaneous Transluminal Angioplasty Balloons Market by Application
Based on the applications, the global percutaneous transluminal angioplasty balloons market is segmented into coronary angioplasty and peripheral angioplasty.
The coronary angioplasty segment accounted for the largest revenue share of the global percutaneous transluminal angioplasty balloons market in 2022. The procedure known as coronary angioplasty is frequently used to treat coronary artery disease, a condition in which the blood arteries that feed the heart with nutrients and oxygen constrict or get blocked. Coronary angioplasty requires a minor skin incision, making it a minimally invasive surgery. The success rate of coronary angioplasty is extremely high. Over the past few years, the use of percutaneous transluminal balloon angioplasty stents to combat immediate and long-term coronary angioplasty problems has steadily increased. This method has changed the treatment of coronary artery disease by offering a less intrusive option to conventional bypass surgery. The need for long-term success still exists for lifestyle adjustments despite angioplasty not being a cure for heart disease.
Percutaneous Transluminal Angioplasty Balloons Market by End User
Based on the end user, the global percutaneous transluminal angioplasty balloons market is segmented into hospitals, ambulatory surgery centers, and specialty clinics.
The hospital segment accounted for the largest revenue share of the global Percutaneous Transluminal Angioplasty Balloons market in 2022. Percutaneous transluminal angioplasty is one of the many medical services that hospitals provide. These facilities have the innovative infrastructure, advanced imaging technologies, and skilled healthcare personnel needed to undergo complicated surgeries. As a result, when it comes to cardiovascular treatment, they are frequently opted for patients by healthcare professionals as a first choice for complex procedures. Patients requiring assessments like angiography, electrophysiology tests, and other catheter-based procedures for cardiovascular diseases frequently receive care in hospitals as their main healthcare settings. These procedures, including unconventional operational technology, commonly occur in specialist cardiac catheterization labs. Because they have enough funding for expensive and advanced diagnostics equipment, hospitals can effectively contribute to the percutaneous transluminal angioplasty balloons market revenue growth. Hospitals also have skilled medical specialists who can interpret the findings of these tests and provide precise diagnoses, enabling prompt treatment and management of cardiovascular diseases. Hospitals are essential to the fight against cardiovascular disease because they combine cutting-edge technology with knowledgeable medical personnel.
Percutaneous Transluminal Angioplasty Balloons Market by Region
Based on the region, the global percutaneous transluminal angioplasty balloons market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global percutaneous transluminal angioplasty balloons market in 2022. This is ascribed to a high prevalence of chronic diseases, increased healthcare expenditure, and advanced healthcare infrastructure. Additionally, the country strongly focuses on health education and preventive healthcare initiatives that lessen the burden of chronic diseases. Further, the government has established laws emphasizing access to affordable pharmaceuticals and universal healthcare coverage. Due to the presence of top manufacturers and increased investment in the R&D of new products, the United States is an important driving revenue growth for North America's percutaneous transluminal angioplasty balloons market. The percutaneous transluminal angioplasty balloons market demand in North America is also driven by an increase in healthcare spending and a rise in the use of minimally invasive procedures. The aging population in the area is also helping the market revenue growth because they are more likely to have vascular disorders and need such operations. Furthermore, encouraging reimbursement regulations and rising consumer awareness of cutting-edge treatment choices are expected to support market revenue expansion in North America.
Percutaneous Transluminal Angioplasty Balloons Market Competitive Landscape
Notable market participants operating in the global percutaneous transluminal angioplasty balloons market with the largest revenue share are:
Percutaneous Transluminal Angioplasty Balloons Market Strategic Developments
Percutaneous transluminal angioplasty balloons are catheter-based devices with a balloon at the tip. They are used to treat complex cardiovascular diseases by inserting them into the artery to widen the passageway.
The standard balloon segment leads the global percutaneous transluminal angioplasty balloons market.
North America is the key growth region in the global percutaneous transluminal angioplasty balloons market.
Key companies operating the global percutaneous transluminal angioplasty balloons market are Abbott Laboratories, Medtronic plc, Tuermo Corporation, Cardinal Health, Boston Scientific Corporation, Natec Medical, Cook Medical, Biotronik, Surmodics, Inc., and Andratec.
The global percutaneous transluminal angioplasty balloons market is expected to grow at a revenue CAGR of 5.5% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain